NATIONAL COMPANY LAW TRIBUNAL BENCH AT INDORE

ITEM No.2

C.P.(IB)/39(MP)2021

Order under Section 95 IBC

IN THE MATTER OF:

State Bank of India ........Applicant

V/s

Jatin Rajpal ........Respondent

Coram:

Mohan P. Tiwari, Hon’ble Member(J) Sanjeev Sharma, Hon’ble Member(T)

ORDER

Delivered on 18/09/2025

This case is fixed for pronouncement of the order. The order is pronounced in open

Court vide separate sheet.

Sd/- Sd/-

SANJEEV SHARMA MOHAN P. TIWARI

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Neeraj

THE NATIONAL COMPANY LAW TRIBUNAL BENCH AT INDORE CP(IB) No. 39 of 2021 State Bank of India Having its registered office at:

Stressed Asset Management Branch

1^st Floor, SBI Building, Plot No. 1 Arera Hills, Bhopal (M.P.)-462011 … Financial Creditor Versus Mr. Jatin Rajpal Personal Guarantor to M/s. Rajpal Abhikaran Private Limited Having address at:

10, Palsikar Colony, Indore (M.P.)-452001 … Personal Guarantor C O R A M:

HON’BLE SH. MOHAN P. TIWARI, MEMBER (J) HON’BLE SH. SANJEEV SHARMA, MEMBER (T)

Appearance:

For the Applicant : Mr. Nipun Singhvi, Adv.

For the PG : Ms. Soumya Dharwa, Adv.

JUDGEMENT

Delivered on 18.09.2025

1. The Present Application is filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (Herein referred to as “IBC, 2016”) r/w. Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate debtor) Rules,2019 by State Bank of India (Financial Creditor) for the purpose of initiating Personal Insolvency Resolution Process against Mr. Jatin Rajpal, the Personal Guarantor of the Corporate Debtor namely M/s. Rajpal Abhikaran Private Limited for default of an amount of Rs. 23,70,25,755.39/-.

2. The Applicant/Financial Creditor herein submits that at the request of the Corporate Debtor, the Applicant/Financial Creditor had sanctioned credit facilities to the Corporate Debtor. As against the said facilities other security documents were executed subject to the terms and conditions thereto. Pursuant to which, the Personal Guarantor viz. Respondent herein was one of the executors of the Personal Guarantee Deed dated 24.03.2016 (Anx. B) thereby guaranteeing the debt.

3. On account of Corporate Debtor’s successive defaults in re-payment of the outstanding amount disbursed under the afore-stated facility, consequently, the Financial Creditor issued a legal notice dated 31.05.2019 (Anx. D) to the Corporate Debtor and the Personal Guarantors for recalling the credit facilities and other charges due in respect thereof.

4. The Applicant submits that Corporate Debtor has availed drop line overdraft facility from the Applicant and the loan account of the corporate debtor has come to be declared as a Non-Performing Asset (NPA) on 28.06.2019. Thereafter, on 01.07.2019, the Applicant issued a notice under Section 13(2) of the SARFAESI Act (Anx. E) to all the Guarantors of Corporate Debtor (including the Personal Guarantor herein) seeking forthwith repayment of the outstanding amount along with the interest and accrued charges.

5. The Applicant further submits that, a Company Petition bearing CP(IB) No. 6 of 2020 was filed u/s 9 of the IBC, 2016and this Tribunal ordered to initiate Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor vide order dated 26.03.2021 (Anx. J). This Tribunal approved the Resolution Plan vide order dated 25.08.2022. The Resolution plan is fully implemented and vide order dated 08.06.2023this Tribunal has taken on record the closure report of the successful implementation of the Resolution Plan.

6. The Applicant respectfully submits that a Demand Notice dated 06.07.2021 (Anx. F) was issued to the Personal Guarantor in Form B, in accordance with Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, thereby invoking the personal guarantee and demanding payment of the outstanding dues within a period of fourt